The Minister was addressing virtually the fifth edition of the annual Launchpad-Entrepreneurship Summit organized by BITS Pilani today. Paying tribute to Shri Nanaji Deshmukh, an alumnus of BITS Pilani, Piyush Goyal said that his life and work has been an inspiration to many.
Quoting Steve Jobs, the minister said, “Innovation differentiates between a leader and a follower. By highlighting that BITS had a history of producing innovators and risk-takers, he spoke of many Bitsians.” , who had successfully ventured into diverse fields such as cinema, writing, business and even social service.
He said that the motto of BITS, ‘Knowledge is the supreme power’, is more relevant than ever in today’s era of knowledge economy. Noting that the students of BITS have made a name for themselves in the world of innovation and entrepreneurship, the Minister pointed out that 10% of India’s unicorns were founded by BITS alumni.
Piyush Goyal Said that laboratories, mentorship, incubators and funding are the four essential elements for a healthy startup ecosystem and added that the Center of Incubation, Innovation and Entrepreneurship (CIIE) at BITS provided all four.
He lauded the flexible academic framework of BITS, which facilitated innovation during the college years of the students and said that it resonates extensively with the new education policy that the government has introduced after extensive deliberations. He asked other colleges to learn from the BITS model and mold job-seekers instead of job-seekers.
Describing startups as the innovation engine for the country, Shri Goyal today said, we are the third largest startup ecosystem in the world. It may be noted that in 5 years, the number of startups registered with DPIIT grew from 500 to over 65,000 and there are more than 90 unicorns in the country.
Reiterating that ‘one idea can change your life’, the Minister spoke about Shri Ajay Bhatt, a USB innovator from Vadodara who developed the technology with the goal of making data portable like never before.
Piyush Goyal underlined that entrepreneurship is all about disruption and change. Underlining the many disruptions in India as we buy goods online, access digital healthcare consultations, pay through UPI etc., he said things have changed radically.
He told entrepreneurs not to be afraid of failures. Failures are part of an entrepreneur’s journey, so take it ‘lite’, he said, referring to the BITS language to stay calm. He said don’t give up, work hard, be courageous, engage with new ideas and thoughts.
Stating that New India is full of new energy, enthusiasm and confidence, the Minister said that it is no longer incremental change but a thirst for change. He stressed that an self-reliant India is now striving to engage with the world from a position of strength.
Speaking about the great leaps being made by India in areas such as FinTech, Agritech and Marketplace, Shri Goyal said that PM Modi has emphasized on IT + IT = IT (Info Technology + Indian Talent = India Tomorrow) for the future of India. The mantra was given. He said that we should aspire to make IT and allied sector a trillion dollar industry.
The Minister said that India is a leader in building digital public infrastructure and added that the accessibility of smartphones and the low cost of data has laid the foundation for disruptive innovation on a large scale. He said that with digital infrastructure like IndiaStack, HealthStack, Logistics Stack, Covin, the next trillion-dollar companies can be created in India.
Piyush Goyal said that today developed countries around the world want to learn from us about building digital public infrastructure. He said the scale and pace of digitization in India is unheard of and could be the subject of a PhD thesis.
Listing out several steps taken by the government in its role as a facilitator to strengthen the startup ecosystem such as fund of funds for startups, income tax exemption for 3 years, seed fund scheme, for new trademark registration Cut in exam duration etc. The minister said that the government is actively engaging our youth to think big and dream big instead of creating hurdles as before.
Stating that the National Startup Award winners have emerged from smaller cities like Kochi, Lucknow, Sonepat, the Minister said that this is proof that the startup ecosystem is being democratised.
He encouraged the up-and-coming entrepreneurs to diversify into startups, explore new businesses, promote agri-entrepreneurs (agriculture sector entrepreneurs), tex-preneurs (textiles), edu-preneurs (education) and develop emerging technologies like Metaverse, Web3. To innovate in technology. Areas like AI, 5G and cyber security.
Piyush Goyal urged them to think of ways to use these technologies individually or for creating new opportunities. Recognizing that sustainability and circular economy is the need of the hour, the Minister said that the challenge of sustainability will in a way create the next set of big business ideas in finding solutions to climate change, sustainable mobility, water management etc.
Quoting Elon Musk, Mr. Goyal said that ‘it is possible for ordinary people to choose to be extraordinary.’ He told the students that the future belongs to those who have the courage to pursue their dreams. Your innovations not only reach every nook and corner of the country but across the globe, he said.
He expressed confidence that today’s startups will be the leaders of tomorrow and exhorted the young entrepreneurs to help this country achieve a high level of prosperity and fulfill the aspirations of over a billion citizens who are still helping our progress and prosperity. I want to be a deep partner in innovation.
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